# Freeman Gold Files NI 43-101 Technical Report for the Lemhi Gold Project Feasibility Study on SEDAR+ -- After-Tax NPV\(5%\) of Approximately US$1.03 Billion and ~45.4% IRR at US$4,350/oz Gold

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/freeman-gold-files-ni-43-101-technical-report-for-the-lemhi-gold-project-feasibi--94d5c5fa-cdcd-494a-9ea2-3bdb82115880

Original source: https://money.tmx.com/en/quote/FMAN/news/5601792150462609/freeman-gold-files-ni-43-101-technical-report-for-the-lemhi-gold-project-feasibi

Publisher: tmx

Original announcement: 2026-08-13T21:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Freeman Gold Corp.

- Ticker: FMAN

- Exchange: TSX

- Region: Idaho, USA

- Primary commodity: Gold

- Secondary commodities: None reported

- Document categories: Economic study, Resource update

- Extracted: 2026-09-17 22:30:43 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Freeman Gold Corp. has filed a NI 43-101 Technical Report supporting a Feasibility Study for the Lemhi Gold Project in Idaho. The base case study, using a gold price of US$3,650/oz, reports an after-tax NPV\(5%\) of US$695.6 million, a 34.4% IRR, and a 1.0 million ounce Proven & Probable reserve with a 15.2-year mine life.

Reasoning: The filing of a Feasibility Study for a 1.0 Moz gold project with robust economics at conservative prices is a major de-risking milestone.

- Positive factor: Strong base case economics with US$695.6M NPV\(5%\) and 34.4% IRR

- Positive factor: Significant leverage to gold price demonstrated in sensitivity analysis

- Positive factor: Large 1.0 Moz Proven & Probable reserve base

- Positive factor: Long mine life of 15.2 years

- Positive factor: Conservative gold price assumption of US$3,650/oz

Facts used in scoring: 4

## Classification and evidence

**PFS Complete**

Polarity: positive

Definition: AACE Class 3 study complete.

Why it applies: The document announces the filing of a Feasibility Study \(FS\) technical report.

Evidence · text

> Technical Report for the Lemhi Gold Project Feasibility Study

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: The study reports a 1.0 million ounce Proven and Probable reserve.

Evidence · text

> 1.0 million 2 ounce Proven & Probable reserve

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: Multiple independent Qualified Persons from various firms are named as responsible for the report.

Evidence · text

> prepared by, and under the supervision of, independent Qualified Persons from Ausenco Engineering Canada ULC, Moose Mountain Technical Services, APEX Geoscience Ltd. and GSI Environmental Inc.

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The mineral reserve cut-off grade is explicitly stated as 0.20 g/t Au.

Evidence · text

> Mineral Reserves are reported at an Au grade cut-off of 0.20 g/t.

## Extracted facts

Stored fact records: 2. Some facts used in scoring do not have a stored record.

## Resource Estimates (2)

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/freeman-gold-files-ni-43-101-technical-report-for-the-lemhi-gold-project-feasibi--94d5c5fa-cdcd-494a-9ea2-3bdb82115880#fact-resource-facts-2)

Lemhi Gold Project · gold

#### Identity

- Project: Lemhi Gold Project
- Commodity: gold
- Region: usa\_id
- Reported Region: Idaho, USA
- Ticker: FMAN

#### Resource scope

- Estimate type: reserve
- Effective date: 2026-06-10T00:00:00.000Z
- Reporting standards: ni\_43\_101
- Resource group id: resource:13020f1ce9ba92dc3ed8
- Ownership percent: 100 %

#### Resource Data

- Category: proven
- Tonnes: 8600000
- Grade: 0.85
- Grade Unit: g/t
- Contained Metal: 0.2
- Contained Unit: moz

#### Prior Estimate

- Resource Date: 2026-06-10

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-13T00:00:00.000Z

Reasoning: Proven reserve component of the FS.

- Positive factor: High grade for a reserve

Evidence · table

> 0.85

Context: 8.6

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/freeman-gold-files-ni-43-101-technical-report-for-the-lemhi-gold-project-feasibi--94d5c5fa-cdcd-494a-9ea2-3bdb82115880#fact-resource-facts-3)

Lemhi Gold Project · gold

#### Identity

- Project: Lemhi Gold Project
- Commodity: gold
- Region: usa\_id
- Reported Region: Idaho, USA
- Ticker: FMAN

#### Resource scope

- Estimate type: reserve
- Effective date: 2026-06-10T00:00:00.000Z
- Reporting standards: ni\_43\_101
- Resource group id: resource:5afe61b6f1c3cfddb1c0
- Ownership percent: 100 %

#### Resource Data

- Category: probable
- Tonnes: 34400000
- Grade: 0.71
- Grade Unit: g/t
- Contained Metal: 0.8
- Contained Unit: moz

#### Prior Estimate

- Resource Date: 2026-06-10

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-13T00:00:00.000Z

Reasoning: Probable reserve component of the FS.

Evidence · table

> 0.71

Context: 34.4

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.